European reports have emerged suggesting that ailing company De Tomaso has been purchased by an investment group from Switzerland.

It is suggested that Swiss firm L3 Holdings outbid the Eos Group from Italy as well as China’s Consolidated Ideal TeamVenture and purchased De Tomaso for 2 million euros ($2.16 million USD). As part of the purchase, L3 Holdings is reportedly planning to hire 360 workers, open a manufacturing facility in Turin, Italy and start production of a brand new mid-engined sports car.

For now, further details about the deal remain unclear but before L3 Holdings’ bid, Automobili Turismo e Sport put in a bid to purchase the Italian brand late last year. However, the small automaker soon pulled out of the deal.

As for De Tomaso itself, the firm was founded by Alejandro De Tomaso in 1959 and throughout its tenure, produced models like the Vallelunga, Mangusta and most notably, the De Tomaso Pantera.

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